HSBC CHOOSES YOLUS FOR DERIVATIVES PRODUCT CONTROL

London, England - 5 December 2006

Following an evaluation of vendor solutions for Derivatives Product Control, HSBC has chosen the Y-ERM system from software vendor Yolus.

The decision to choose Yolus followed a pilot project. Greg Williams, Global Head of Derivatives Product Control IT explains, “The Pilot, which was undertaken in 30 working days, allowed us to evaluate the Yolus system with our data and with regard to our working practices. The Pilot was tested with a ten-fold increase in trading volumes and evaluated against current and future-state requirements. In all cases these tests were met”. Greg Williams continues, “The Pilot was a collaborative effort involving HSBC and Yolus personnel. The good working relationship and the successful application of Yolus technology by other areas of HSBC also featured in our final decision.”

Credit Trading Product Control in New York will be the first users of the system. A larger programme of work that will see practices for Derivatives Product Control made standard across all HSBC locations is planned.

Robert Devayya, CEO of Yolus, says, “We are pleased that our technology has again been chosen by HSBC and to be involved in this exciting programme of work. The efforts of the IT and business professionals from both companies was key to the success of the Pilot.”

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